July 29 Wells Fargo & Co added several
veteran financial adviser teams to its independent division in
recent months, including a five-adviser team from Morgan Stanley
Wealth Management in Virginia.
Advisers Larry Hensle, George Fleeson, Mike Harper, Steven
Skonberg, and Scott McLaughlin joined Wells Fargo Advisors
Financial Network, or FiNet, in June, the company said Monday.
FiNet is Wells Fargo's independent broker-dealer for advisers
who also function as business owners.
The Reston, Virginia-based team, known as Tysons Wealth
Advisors, managed a combined $529 million in client assets and
produced $3.7 million in annual revenue at their previous firm.
This is one of several teams that have joined FiNet from
Morgan Stanley Wealth Management in recent months, Wells Fargo
In Glenview, Illinois, the brother-sister advising team of
Ralph Lynch and Maureen McPeek joined FiNet from Morgan Stanley
in May, Wells Fargo said. The pair managed $406 million in
client assets and had $2.5 million in annual revenue production
at their previous firm.
Also in May, Highland, New York-based advisers Ed Burke and
Jeff Altomari joined FiNet from Morgan Stanley. The pair, who
make up the Hudson Valley Financial Group, managed over $165
million in client assets and had over $1 million in annual
revenue production at their previous firm.
A spokeswoman for Morgan Stanley confirmed the departure of
all these teams of advisers, but declined to comment further.
FiNet has also been hiring advisers from Bank of America
Corp's Merrill Lynch Wealth Management.
Alpharetta, Georgia-based advisers Scott Christian, Cecil
Loyd, and Mike Masters left Merrill for FiNet in May, Wells
Fargo said Monday. The team, known as Praxis Financial Partners,
had $345 million in assets under management and $2.9 million in
annual revenue production at their previous firm.
A spokeswoman for Merrill Lynch declined to comment for this
At the end of last year, FiNet had $68 billion in client
assets and nearly 1,200 owners and advisers. Aside from FiNet,
St. Louis-based Wells Fargo Advisors has a traditional
broker-dealer, in which advisers are employees of the firm.
This overall brokerage business includes more than 15,200
advisers who manage about $1.5 trillion in client assets, as of
June 30. The company didn't break out quarterly data for FiNet
in its June report.